From an early age, many of us were told that education is the key to one’s success in our life. Study hard! Do your homework! Do assessment books! Get good grades! Do more assessment books! Get first in class! Go to university! Education is our only foundation, our only future! By making education available to all, everyone has an equal opportunity to succeed in life (Jones 2012) .
In Singapore, the education system is aim to help students to discover their own talents, to make the best of these talents and realize their full potential, and to develop a passion for learning that lasts through life (Ministry of Education n.d.). The system also identifies and groom bright young students for positions of leadership. The system also stress on academic performance in grading students and granting them admission to special programs and universities. Academic grades are considered as objective measures of the student’s ability and effort, regardless of their social background. Having good academic qualifications is seen as the most important factor for the students’ career prospects in the job market, and their future economic status (Ng 2011).
Education is important and has multiple objectives and the relative meaning of each of these objectives can be very individual. The various importances are a result of the various economic, social, spiritual, cultural, and political realities of our individual lives. Although human capital includes education, health and other aspects of social capital, the main focus of this report is on education.
Education and other areas of human capital is important to economic growth because more educated individuals tend to have higher employment rate and earnings and produce more output relative to those who are less educated (Dowling and Valenzuela 2010). Education is considered as a positive investment that allows individuals to be equipped with knowledge and skills that can improve their employability and...
...Name: Cindy Mou
Instructor’s Name: Tomasz Michalak
Date: June 16th, 2011
The relationship between the economic development and the prevalence of education
This research paper examines the relationship between the economic development and the prevalence of education. Also, the correlation between the two will be discussed. The main goal of this paper is to identify whether a country’seconomic growth increases the widespread of its education or not. Furthermore, the changes in universal literacy will be analyzed in relations to the reinforcement on economic advancement. Following this main question, this paper will also deliberate on whether or not an economic prosperous country will allocate more funds in education. Thus, as a family’s wealth increases, parents would be more likely to invest more money in educating the next generation. Through this research, increasing the prevalence of education indeed brings a tremendous amount of benefits to the personal financial growth, yet not national economic growth. Unexpectedly, econometric tests invalidate the correlation between education and economic growth. More expenditure in educational funds does not mean more economic growth for a nation. Nevertheless, economic development...
Economics 1 Assignment
Name: Shaun Neo Wei Qiang
Student CT NO. : CT0209608
Date : 18th April 2014
Module : Economics 1
Lecturer : Mr Wong Hean Hoo
1) Introduction 2
2) Relating to the Article – Inflation 3
3) Some of the causes for inflation 4
4) Managing inflation 5
5) Conclusion 6
6) Biblology 7
7) Actual Article Selected 8
The article I chose Is from Today Online(with approval from Mr. Wong), which is heavily categorized under inflation .Reasons for choosing article due to that its related to present findings and forecast of the general economy. MAS touches on the housing, labor markets, wage pressures and Inflation forecasts.
Economic Terms of Inflation
Inflation can be defined as a continual increase in prices for goods which happens over a period of several months usually. Whenever inflation strikes, the purchasing power of consumers declines and the ability to purchase goods drops. This means that during a period of Inflation, the $X of money you spend only allows you to purchase a smaller portion of what you used to be able to purchase (full portion) before inflation. It can also be deemed as money losing its value overtime. Comparison of the difference in CPI(Consumer Price Index) is also vital. CPI is made up 6,500 of goods and services pertaining to general items or services...
EDUCATION AND EARNINGS IN PAKISTAN
By Zafar Mueen Nasir and Hina Nazli∗
I. Introduction: The conventional theory of human capital developed by Becker (1962) and Mincer (1974) views education and training as the major sources of human capital accumulation that, in turn, have direct and positive effect on individuals’ life time earnings. In the Mincerian earning function, the coefficient of school years indicates the returns to education, i.e., how much addition in earnings takes place with an additional school year. There exists a wide range of literature that estimated the rates of returns to education for different countries [Pascharapoulos (1980; 1985; and 1994); Pascharapoulos and Chu Ng (1992)]1. In Pakistan, most of the nationally representative household surveys do not contain information on variables, such as, completed years of schooling, age starting school, literacy and numeracy skills, quality of schooling, and technical training. Due to the unavailability of completed school years, one can neither compute the potential experience nor observe the effect of an additional year of schooling on individual earnings. Therefore, the available literature in Pakistan is lacking in estimating the returns to education by using the Mincerian earning function2. In recent years, the government of Pakistan has started nation-wide survey, Pakistan Integrated Household Survey (PIHS), to address the...
...The Effect of Education on Economic Growth
Education is one of the primary factors of development. Countries can’t achieve economic development without investment in human capital. Vocational training and higher education equip a worker to perform certain jobs or functions .It improves the quality of their lives and leads to social benefits to individuals and society like improving income distribution. Education increase people's productivity and creativity and promotes entrepreneurship and technological advances. Technological progress reflects the growth of human knowledge.
The purpose of this paper is to examine the role of investment in human capital in promoting economic growth and technological progress. Some empirical studies conclude that there is strong evidence that skills of population are powerfully related to long run economic growth. However, another study finds the linkage to be insignificant and some find the economic growth depends negatively on the cost of education or on the barriers to get education.
Many researches have shown there is a strong positive relationship between investment in human capital and economic growth .scholars and policymakers focus on income growth to measure...
...Relation between education and economic growth in KPK
My research is about the educational issues in Kp, I want to identify that education have positive or negative impact on growth in GDP. All around the world in now a day’s education is considered as the most important and working tool in controlling the problems like poverty, economic issues etc. Education is playing a vital role in developing human capital by increasing skills and producing/innovating new technology. Education help’s the new generation to tackle the problems like income distribution, gender inequality, inflation, unemployment etc.
Around the globe in now a day’s world education is considered as one of the most dominant tool in the control of unhealthy economic activities such as poverty and promoting competition etc. Education helps in the promoting of economic growth and developing human capital by increasing skills and developing technology. It plays a great role for the coming up generations to cover up with the difficulties in economic growth. As for poor country like Pakistan education is a key to the economic development and reduction of inequalities in income distribution. The governmental institutions are making a lot of efforts to increase the quality and quantity of...
...Education and economic development
The analysis of education as an economic commodity has a long history. The seminal work of Becker (1962) and Schultz(1962) presented a formal model of education as an investment good that augmented the stock of human capital. Individuals made educational choices in the same way as any other investment decision all of which have the common characteristic that an investment cost paid now produces a flow of benefits through time whose present discounted value is to be compared with the present cost. Following from this, there was an outpouring of econometric studies attempting to measure the rate of return to education – the so called Mincerian approach – whilst controlling for a plethora of other variables that might reasonably be expected to influence earnings. Extensions of this basic Human Capital model to study training outcomes, educational subsidies and fee charges have been recently exploited. Within development and growth economics, the importance of education as an economic variable also has a distinguished history beginning with Lewis(1962). Questions regarding appropriate mix of skills, what type of education to be emphasised, the relationship between education and the capacity of the economy to absorb educated workers in productive employment have all been studied albeit...
...BUS272 Changing Economies of
Introduction to the East Asian Growth Miracle
(C ha pter 1 : E co nomic D ev elopment in A sia )
(Suppl em ent Versi on – Lee Lao Shi )
East Asian growth: miracle or myth?
Focus on the Newly Industrialising Economies (NIEs):
Hong Kong, Singapore, South Korea, Taiwan
Other key economies: India, Indonesia, Malaysia,
People's Republic of China (PRC), Thailand
Characteristics ofeconomic growth
Miracle:some phenomena or occurrences cannot be explained scientifically by causal
Myth: some accepted beliefs or stories that may not necessitate scientific explanation.
What is modern economic growth?
It involves a sustained increase in real per capita product,
accompanied by an increase in population and
significant structural changes
(Key d efinition here. Do remember it.)
Sustainable growth o ver some period: so what co nstitute dri ving factors o f sustai nability ? We
will discuss these dri ving fo rces by stud ying two articles: a: The M yth of Asia M iracle; b. The
East Asian M iracle – Economy Gro wth & P o licy
In flatio n protected, thus growth in purchasing power per person . Sustain able gro wth needs to be
viewed in the light of this persisten t an d co ntinual growth of real per capital in come, where
briefly it is measured by : Real (inflation d iscounted) GDP /...